However, as housing prices climbed, tenants have needed larger loans and the city worried the tenants wouldn’t be able to pay the money back. The last time the city put money into the program was in 2015 and that money has now run out. The last loan was given out this spring.
Only 27 people used this loan program, mostly in Regent Park before housing prices tripled. None of these people have defaulted on their loans, TCHC says, but given current housing prices, it worries any future recipients might not be able to keep up with their loan and mortgage payments, and few tenants could qualify for first mortgages anyway. For these reasons, the program is on hold.
One tenant who could benefit from a Foundation Program loan is Irum Siddiqui, who has rented a cramped, subsidized apartment in Regent Park for 10 years. She lives in the two-bedroom unit with her husband and four sons. All of the sons, including two teenagers, sleep in one room on bunk beds. A fifth person, Ms. Siddiqui’s mother, also slept in their room when visiting from Pakistan last year, sharing a bunk with the youngest boy.Ms.
globetoronto Good. Tax dollars should never fund such blatant discrimination.
globetoronto But not before Fats McConnell got her deal on a preemo condo...
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